Tract, a London-based proptech startup specializing in identifying potential building sites and obtaining planning permissions using AI, has secured an undisclosed amount of funding. The investment round was co-led by Ada Ventures and Concept Ventures. The funds will be used to enhance Tract’s technology, enabling the generation of surveys, reports, and planning documentation.
Founded by Jamie Rumbelow and Henry Dashwood, Tract is on a mission to address the UK’s housing crisis by simplifying the planning process through technology. Their advanced planning engine identifies sites with favorable planning characteristics and predicts potential development outcomes, unlocking opportunities for smaller land parcels that have been overlooked.
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Revolutionizing Real Estate Development
Tract’s AI-powered platform digitizes and organizes local planning data, assessing risks by analyzing past applications and forecasting likely outcomes. This technology could revolutionize the real estate industry by making it easier to obtain planning permissions, particularly for smaller plots of land. The software helps landowners understand the value of their land and navigate planning constraints, potentially raising the value of agricultural land from £20k/ha to £2.4m/ha.
Unlocking Potential for 200,000 Sites
The company estimates that there are around 200,000 sites across the UK suitable for building, which could benefit from its technology. The company aims to identify viable land, secure planning permissions, and sell the land to those looking to build homes, taking a percentage of the value increase.
